Tuesday, October 09, 2012

Wonga vision

Wonga, of course, operate as a pay-day loan compamy whose short-term loans charge an annual average interest of 4,214% APR. While they would say that they don't lend money for that length of time, there are a number of campaigners who take a slightly different view and their reputation hardly constitutes a brand with which we should be excited about becoming associated.

One saving grace, or sop in a bid to appease the natives (depending on your point of view), is the decision by Wonga to restore St James' Park to its rightful name, meaning we'll at least be spared the ignominy of running out in the Wonga Arena.

Inevitably Llambiarse is quoted as being pleased with the deal, which should yield us £24 million over four years and as he put it: "Wonga's desire to help us invest in our young playing talent, the local community and new fan initiatives really impressed us and stood them apart from other candidates".

What the deal means for Wonga is obviously an increase in the profile they currently enjoy as sponsors of both Hearts and Blackpool. For the club, it doubtless comes down to the bottom line with both Jabba and Llambiarse never afraid of taking the cash even if it represents an unpopular decision.

David Conn, in the Guardian, has already had an opportunity to express his thoughts on the matter - which can be found here.

What is clear is the pleasure in having our stadium back is tempered by the tainting of our club by its association with a company which looks to exploit those in need.

What's harder to grasp is whether the sponsorship will have a negative impact on shirt sales, with the prospect of becoming a walking advert for Wonga one which I personally find pretty unappealing.